ASU 2014-09 is one of the most significant and sweeping changes FASB has ever issued. The new 5 step process takes revenue recognition moves from a rules based approach to a principles based approach. The new approach applies to all organizations, removing previous industry specific guidance.

Description
ASU 2014-09 is one of the most significant and sweeping changes FASB has ever issued. The new 5 step process takes revenue recognition moves from a rules based approach to a principles based approach. The new approach applies to all organizations, removing previous industry specific guidance.

Specific topics include:

You will learn the all-new 5 step contracts approach to revenue recognition.

Understand how the change will affect the income statement of your organization.